CHEN DIAN INTERNATIONAL(SH:600969) Feng Huang Wang Cai Jing·2025-12-30 02:50Group 1: National Strategy and Infrastructure - The "East Data West Computing" project is a national strategic initiative aimed at creating a new integrated circulation pattern for data elements across the country, similar to previous projects like "South-to-North Water Diversion" and "West-to-East Power Transmission" [1] - The project includes the establishment of 8 national computing power hub nodes and 10 national data center clusters, with a focus on enhancing computing power as a critical infrastructure for economic development [1] - Research indicates that a 1% increase in computing power index can lead to a 3.3‰ growth in the digital economy and a 1.8‰ increase in GDP [1] Group 2: Regional Development and Investment - The Shaoguan data center cluster, as the only cluster in the Guangdong-Hong Kong-Macao Greater Bay Area, is set to accommodate real-time computing power demands from cities like Guangzhou and Shenzhen, with an investment exceeding 500 billion yuan [2] - By 2025, the Shaoguan cluster is expected to have a capacity of 500,000 standard racks and 5 million servers, primarily serving large and super-large data centers [2] - The cluster's strategic location and favorable climate conditions contribute to reduced operational costs and energy consumption for data centers [2] Group 3: Energy Demand and Supply - The electricity demand of the Shaoguan data center cluster is projected to reach 9.7 billion kilowatt-hours annually by 2025, accounting for nearly half of the city's total electricity consumption [3] - The energy consumption for AI applications is significant, with generating approximately 5,000 words of text consuming 1 kilowatt-hour, and producing a 1-minute 4K video requiring 3-5 kilowatt-hours [3] - The stability and economic viability of electricity supply are critical for the success of the Shaoguan cluster, as electricity costs represent 50%-60% of computing power costs [3] Group 4: Green Energy Advantages - Shaoguan has a clean energy installed capacity ratio of 51.64%, significantly higher than the national average, with every second kilowatt-hour coming from clean energy [4] - The electricity price for computing centers in Shaoguan is 20%-30% lower than that in the Pearl River Delta, providing a substantial cost advantage for data centers [4] - Shaoguan aims to achieve a "fully green electricity" target by 2025, with plans to expand renewable energy facilities significantly [4] Group 5: Opportunities for Local Energy Companies - Under the "East Data West Computing" initiative, local energy companies like Chenzhou Electric International are positioned to benefit from the development of the Shaoguan data center cluster [6] - Chenzhou Electric International, serving 1.21 million users, is transitioning from a traditional hydropower supplier to a comprehensive energy service provider, capitalizing on the growing electricity demand from the cluster [6] - The company reported a 33.93% year-on-year increase in net profit for the first three quarters of 2025, indicating strong growth momentum [6] Group 6: Industry Transformation and Value Reassessment - The shift towards AI computing power is transforming electricity from a traditional utility into a core production factor of the digital economy, leading to a reassessment of the value of electricity companies, especially those with clean energy resources [8] - Companies with green electricity resources are expected to enjoy premium pricing, driven by increasing demand for clean power in data centers [8] - The advancement of smart grids, energy storage technologies, and energy management systems is opening new revenue streams for electricity companies as they transition to comprehensive energy service providers [8]